Rather than detract from the quality of the field at the event which starts on Monday, the withdrawal of last year's finalists Justine Henin-Hardenne and Kim Clijsters, and twice former champion Jennifer Capriati, has only added to the intrigue.
Unlike previous years when there seemed to be only a small handful of genuine contenders, there are as many as a dozen women vying for the crown this season.
"There's a couple of players injured, a couple not knowing if they're at 100 percent. All that throws a bit of chaos into the mix," said top seed Lindsay Davenport.
"It feels like everyone has a chance and that's an interesting position...you really don't know who's going to come through any more."
Davenport is a slight favourite as the world number one.
The easy-going Californian won the championship in 2000 but has not lifted a grand slam title since and has been plagued by injuries.
She considering quitting last year but finishing the season as number one convinced her to give it one last shot.
"I think it's trying to win that last grand slam or another grand slam that kind of keeps me excited about playing," she said.
RUSSIAN REVOLUTION
The Australian Open escaped the Russian revolution that took over women's tennis last year but the first grand slam of 2005 is in the firing line this time.
Russian women won the French Open, Wimbledon and U.S. Open crowns and victory at this month's Australian Open would complete a 'slam'.
Weight of numbers alone suggests the Russians hold all the aces this year. Four of the top six in the world are Russian and there are another three lurking in the top 15.
Heading the list is French Open champion Anastasia Myskina, ranked three in the world. Just behind her are Maria Sharapova, the Wimbledon champion who is making as many headlines for her glamorous looks as for her brilliant tennis, and Svetlana Kuznetsova, the U.S. Open champion.
Elena Dementieva is ranked sixth in the world. She is yet to win a grand slam but did make last year's French and U.S. Open finals and hopes she can be the one to complete the Russian 'slam' in Melbourne.
"I have absolutely no regrets about losing in two finals because it was the first two of my life," she said.
"I hope I have another chance to play in a final, that experience may help me this time."
Serena Williams completed her own version of the grand slam when she won the Australian Open in 2003 but injury prevented her from defending the title last year.
The American's last grand slam victory came 18 months ago at Wimbledon, and her form and fitness since returning to the tour last March after an eight-month layoff have been inconsistent.
STRONG FINISH
But after a strong finish to 2004, including a runner-up place at the WTA Tour Championships, Serena has brazenly declared herself the woman to beat.
"I think, when everyone plays me, they all try their hardest," she said. "They see me on the court and want to win as much as possible, so everyone is a rival to me."
Venus Williams won the Wimbledon-U.S. Open double in 2000 and 2001 but has lost the last five Grand Slam finals she has played, including the 2003 Australian Open, all to her younger sister.
Her aura of invincibility has long gone but she remains a contender in Melbourne.
Amelie Mauresmo, the powerfully-built Frenchwoman, is still chasing her first Grand Slam title and this could be her best chance yet.
She was runner-up to Martina Hingis in 1999 and finished last season ranked two in the world.
Even the host nation is in with a chance this year. Australia has not produced a winner of its national championship since Chris O'Neill in 1978 but there are high hopes for 10th seed Alicia Molik, who may find herself under more pressure than any other woman.
"I know people are hoping I do well and some are expecting I do well but I'm just going into the Australian Open with a very open mind," Molik said.
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